Americans today are faced with an issue previous generations never had to grapple with: cyber crime. The proliferation of internet-connected devices and private data in the cloud has led to a surprisingly sophisticated set of new crimes all taking place online. Cyber crime has been around since the internet was created, but the FBI recently released a new warning about the growing sophistication of these crimes.
Cybercrime can range from identity theft, to major account breaches to the more common wire fraud, and these crimes are not only targeting businesses. Wire fraud in particular is happening to an increasing number of individuals, particularly the elderly, across the country.
According to the WFG National Title Insurance Co there was roughly $220 million worth of wire fraud in 2015. That number jumped to $1.5 billion in 2019, and seems to show no signs of slowing down.
Gabriel Gundersen, an FBI supervisory special agent with the Oregon Cyber Task Force spoke with the Insurance Journal about the agency’s recent warning. “The emails have gotten well-crafted and quite detailed. They’re highly tailored to that particular victim,” said Gundersen. “It’s a social engineering piece, where they’re coercing a victim to do something based on an artificial agenda or an artificial timeline.”
Cyber crime is not going anywhere, it’s the future of con artists and quick money. What needs to change is the defenses that people put in place to protect themselves. At first, it was only businesses that needed to be on the lookout, now anyone with an internet connection needs to make sure they have the appropriate digital security measures in place.
A great place to start securing your own digital assets is to purchase the correct insurance policy. An increasing number of cyber-focused insurance policies are becoming available to the general public, and could be just what you need to up your home security measures.
To learn more about your current policy, or to find out what new policies are available to you, reach out to TGS Insurance at www.tgsinsurance.com.